Long-Term Care Basics

If there’s one thing your retirement plan should have, that would be a strategy for long-term care. Start here if you've only just heard LTC and learn what long-term care is, why you need to plan for it, how you can pay for services, and the process involved in LTC planning.

At a Glance: LTC Essentials You Need to Know

What is Long Term Care?

Long-term care refers to the services and support a person needs due to disability, illness, or decreased agility. LTC is involved mostly in custodial care or assistance needed in performing Activities of Daily Living (ADL) such as walking, dressing up, and transferring.

Why you Need to Plan?

You need to prepare because the cost of long-term care is ever increasing and can easily cause your finances to crumble. The average cost of different care services in the US are as follows:

Homemaker Services - $20 (hourly rate)

Home Health Aide Services - $20 (hourly rate)

Adult Day Health Care - $69 (daily rate)

Assisted Living Facility - $3,600 (monthly rate)

Nursing Home Care (semi-private room) - $220 (daily rate)

Nursing Home Care (private room) - $250 (daily rate)

Apart from the cost, current statistics show that the need for long-term care is greater than what we would like to think. Seven out of 10 individuals who are 65 years and older will need long-term care, while 41 percent of those between the age of 18 and 64 will also require care.

Free Quotes

When it comes to buying long-term care insurance, comparison shopping is key. If you’re looking for the most suitable LTC coverage for your needs, you don’t need to go further. With just a few clicks and answering a simple form, you can receive free personalized quotes for insurance solutions from the major providers in your location.

QUICK TIP: Requesting for no-obligation LTC insurance quotes is a smart way to shop around. When you look at different cost estimates from different providers, make sure that your making an apples-to-apples comparison so that you can decide which offer works best for you.

Life Advice

Living good is not just about being wealthy, it’s about having harmony in important areas of your life. In this section, you can browse our collection of articles that contain helpful advice on health, retirement, finances and insurance.

With the different types of insurance policies offered in the market today, it can be challenging to determine which are essential to have and which you can do without. Here’s a list of insurance policies that protect your most important assets